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Topic: Putnam Investments

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Mutual fund scandal (2003)

Marsh and McLennan Companies

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	Marsh & McLennan's Putnam Investments (Site not responding. Last check: 2007-11-03)
		Putnam Fiduciary is a Boston-based transfer agent owned by Putnam Investments, the mutual funds family controlled by financial group Marsh and McLennan.
		Putnam is the son of the founder of the Putnam funds.
		Putnam, age 43, is the President of New Generation Research, Inc., a publisher of financial advisory and other research services relating to bankrupt and distressed companies, and New Generation Advisers, Inc., a registered investment adviser which provides advice to private funds specializing in investments in such companies....
	www.the-catbird-seat.net /MM-Putnam.htm (7133 words)

	Putnam Investments Project Profile (Site not responding. Last check: 2007-11-03)
		Putnam’s Infinity system includes a file server and three workstations: one in building operations, one in the chiller plant and another at the security plant for 24 hour alarm monitoring.
		Putnam’s sequence of operation is no doubt one of the more complex due to its ability to handle various HVAC and power failure modes.
		When Putnam Investment’s critical operations required a control system with the ability to handle complex emergency backup sequencing while remaining user friendly, BCM engineers were able to produce the desired results using Infinity’s sophistication and flexibility.
	www.bcmcontrols.com /hosted/bcmcontrols/putnam.html (596 words)

	Putnam: The greed machine - Nov. 21, 2003
		Consider Putnam New Century, born on Jan. 21, 2000, when the hype about New Economy stocks was at its height; by the fall of 2002, the fund had lost 69 percent, and Putnam merged it into its Discovery Growth fund.
		Putnam Technology was born June 14, 2000, shortly after Nasdaq hit its all-time high; by September 2002 it had lost 63 percent and was also absorbed into the Discovery Growth fund.
		Putnam was far from the first load fund company to dish out this alphabet soup, but the firm grew so fast after adding it to the menu that this way of selling funds became the industry standard.
	money.cnn.com /2003/11/21/funds/fundsfire_investing_putnam_0310 (2897 words)

	Business: Putnam Investments, two ex-officers accused of fraud
		BOSTON - State and federal regulators on Tuesday accused Putnam Investments and two of its former investment officers of fraud, the first formal allegations of wrongdoing by a mutual fund company in what is rapidly becoming a major scandal for the industry that once was considered pristine.
		Putnam is also accused of defrauding customers by allowing members of a New York union retirement plan to engage in market timing of certain funds even though those funds prohibited the practice.
		Putnam, which has denied wrongdoing and says it has taken steps to avoid future problems, had no comment.
	www.sptimes.com /2003/10/29/Business/Putnam_Investments__t.shtml (850 words)

	Putnam Investments - Wikipedia, the free encyclopedia
		Putnam Investments, a subsidiary of Marsh and McLennan Companies (MMC) since 1970 ([1]), is a global money management firm founded in 1937 and headquartered in downtown Boston, Massachusetts.
		As the tenth-largest mutual fund complex in the United States, Putnam has USD 194 billion under management (as of 2005), nearly 500 institutional clients, and over 11 million shareholders and retirement plan participants.
		Since November 2003, Putnam has implemented reforms and changes including replacing CEO Lawrence Lasser with Ed Haldeman as well as new appointments for CAO, COO, CFO, General Counsel, and compliance officer.
	en.wikipedia.org /wiki/Putnam_Investments (201 words)

	Dean College Putnam Overview
		Putnam Investments is a global money management firm with over 65 years of investment experience, $236 billion in assets under management, nearly 500 institutional clients, and over 11 million shareholders and retirement plan participants.
		Putnam offers over 100 mutual funds as well as retirement products such as IRAs and 401(k)s, and variable annuities and other insurance products.
		Putnam manages mutual funds, institutional accounts, and portfolios for clients in Asia, Europe, Latin America, and Australia.
	www.dean.edu /admissions/marketing/PutnamOverview.htm (197 words)

	Putnam CEO Lasser replaced by parent company - Nov. 3, 2003
		Putnam said at that time that its control systems designed to curb trading abuses were not foolproof, and promised to restore any losses caused by the improper trades.
		Putnam is charged with allowing some fund managers and certain clients to break company rules that prohibit so-called market timing, in which some investors buy and sell shares rapidly to benefit from stale prices.
		Kinnell gave new Putnam CEO Haldeman high marks, but he said the outlook for the funds in the near term was not encouraging.
	money.cnn.com /2003/11/03/funds/putnam (1134 words)

	How Putnam can survive - - MSNBC.com
		Putnam also moved to discourage market timing through a 1 percent redemption fee — payable to the funds to offset the trading costs incurred in short-term trading — for global and international fund shares exchanged within 90 days of their purchase.
		Putnam’s recent troubles became public in September, when Massachusetts Secretary of State William Galvin acknowledged the firm was under investigation for market timing, frequent short-term trades often prohibited by fund firms.
		In some circles, Putnam’s crisis invites comparisons between the deluge that led to the surprising unraveling of Arthur Andersen, the Chicago accounting firm torpedoed in 2001 by what some say was an overzealous prosecution.
	www.msnbc.msn.com /default.aspx/id/3475323 (943 words)

	Untitled Document
		Second, Putnam was looking to assemble a group with in-depth financial engineering expertise to assist the company’s portfolio managers in using derivatives to enhance their investments and hedge their risks.
		The TRAM system allows Putnam to tie together all its existing analytical expertise and data, some of which had previously accumulated within individual portfolios or groups and was not therefore readily available throughout the firm.
		Putnam’s risk management expertise will be useful in its plans to expand into alternative asset classes.
	www.riskwaters.com /riskawards/riskawards-putnam.htm (887 words)

	Thomas College Partnership with Putnam Investments
		Putnam, a Boston-based investment management company that manages $400 billion in assets and employs more than 6,000 people worldwide, trains and employs Thomas College students in an on-campus customer-service facility.
		Since June, Putnam has been interviewing, training and hiring Maine residents for its work-at-home program.Putnam’s initial goal is to hire 200 people to work from their homes in jobs ranging from customer service to management.
		Putnam manages $400 billion for 12 million individual shareholder accounts and 1,000 institutional clients.
	www.thomas.edu /pubrel/release/2000/thomasputnampartnership.htm (515 words)

	USATODAY.com - Alleged fund fraud leads to charges (Site not responding. Last check: 2007-11-03)
		Six former executives of Putnam Fiduciary Trust have been charged with scheming to defraud corporate client Cardinal Health and a group of Putnam mutual funds of $4 million, the Securities and Exchange Commission said Tuesday.
		Putnam Fiduciary is the transfer agent for Putnam Investments, a large mutual fund company.
		Putnam made full restitution of the $4 million, fired or disciplined employees involved and strengthened the company's financial oversight and compliance "to make sure a situation like this could not happen again," Putnam Investments CEO Ed Haldeman said.
	www.usatoday.com /money/perfi/funds/2006-01-03-putnam-execs_x.htm (471 words)

	State pension board fires Putnam Investments - The Honolulu Advertiser - Hawaii's Newspaper
		The state Employees' Retirement System voted yesterday to fire Putnam Investments and pull back the $440 million managed by the firm after it was charged with securities fraud.
		The ERS board said its action against Putnam, which managed 5.5 percent of ERS assets, was based on a lack of trust, not performance.
		The money managed by Putnam will be put in an index fund that tracks the SandP 500 until the board chooses another manager, which could come as soon as Nov. 21.
	the.honoluluadvertiser.com /article/2003/Nov/08/bz/bz02a.html (602 words)

	Putnam Investments, August 1, 2005 press release
		Putnam regards the price as inadequate and believes recent fundamental trends and Providian management's outlook confirm Putnam's judgment on the value of the Providian franchise.
		Putnam Investments and the Putnam Funds currently have the power to vote approximately 7.5% of Providian’s outstanding shares of common stock (based upon the number of shares outstanding as of June 30, 2005).
		As of June 30, 2005, Putnam managed $195 billion in assets, of which $132 billion is for mutual fund investors and $63 billion is for institutional clients.
	www.shareholderforum.com /Library/20050801_Putnam.htm (352 words)

	Putnam Investments Trip (Site not responding. Last check: 2007-11-03)
		Seven students traveled to Putnam Investments in Norwood on Thursday, December 12 where they attended a seminar intended to open up their eyes to the various professions within the company that while in high school most students don’t consider.
		After being treated to breakfast, students interacted with several Putnam Investments employees who discussed their usually round about paths to the world of stocks and mutual funds.
		There are employees at Putnam who work in fields spanning from accounting to public relations; marketing to communications.
	www.dedham.k12.ma.us /dhs/schooltocareers/putnam.htm (376 words)

	Calpers Scalps Putnam - Forbes.com (Site not responding. Last check: 2007-11-03)
		Putnam's assets under management declined by $7 billion in the past week and $21 billion overall since market-timing allegations surfaced, according to SEC filings by Marsh and McLennan (nyse: MMC - news - people), Putnam's parent.
		Putnam said yesterday it had $256 billion in assets under management compared to $277 billion at the end of October.
		The irony is that Putnam's International Equity Fund, the largest fund whose managers were directly in the scandal, was a strong--if unspectacular--performer over the years, solidly beating the relevant benchmarks, according to Morningstar.
	www.forbes.com /2003/11/18/cx_da_1118topnews.html (615 words)

	USATODAY.com - Putnam to pay $110M in penalties (Site not responding. Last check: 2007-11-03)
		Putnam Investments, the USA's sixth-largest mutual fund company, Thursday admitted that it allowed portfolio managers to market time its funds and agreed to pay $110 million in penalties and restitution to settle charges with state and federal regulators.
		The regulators alleged that market timing by Putnam employees began in 1998, and by early 2000, the firm was aware of it.
		And in a recent SEC filing, Putnam parent Marsh and McLennan disclosed that Putnam has received subpoenas and requests for information from law enforcement agencies and regulators in New York and West Virginia.
	www.usatoday.com /money/perfi/funds/2004-04-08-putnam_x.htm (830 words)

	Putnam Investments falls to No. 6 in assets / Investors withdrew $13 billion from funds in November (Site not responding. Last check: 2007-11-03)
		Putnam reported that at the end of November, it had $158 billion in assets in long-term mutual funds, plus another $6 billion in short-term or money market funds.
		Putnam officials acknowledge that the employee-trading scandal was costly.
		On Nov. 13, Putnam reached a partial settlement with the Securities and Exchange Commission in which it agreed to new controls, policies and trading restrictions on employees.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2003/12/25/BUGR73UEU31.DTL (665 words)

	Larry Lasser talks about being forced out of Putnam Investments - The Boston Globe (via CobWeb/3.1 ... (Site not responding. Last check: 2007-11-03)
		Larry Lasser, the man who had spent his career building their Putnam Investments into a mutual fund giant, had to go.
		Then, six Putnam managers were found to have made excessive short-term fund trades, including four who engaged in market timing in their own funds.
		Lasser says Putnam warned customers against pouring too much of their money into the company's growth stock funds, which had generated huge returns during the 1990s, but "when our caution was rejected, we took the money anyway."
	www.boston.com.cob-web.org:8888 /business/globe/articles/2006/11/02/lassers_side_of_the_story (1127 words)

	Trading scandal costs Putnam Investments
		BOSTON - Boston-based Putnam Investments, facing state and federal trading abuse charges, has dropped from being the fifth-largest mutual fund company in the country to sixth after investors withdrew $13 billion from the company in November.
		The November outflow, believed to be one of the largest in the investment industry's history, was more than half of the total $24 billion Putnam has lost so far this year, Financial Research Corp. of Boston reported Tuesday.
		Putnam allegedly allowed money managers to rapidly trade in and out of funds they supervised.
	www.enquirer.com /editions/2003/12/25/biz_biz2z.html (239 words)

	Putnam Investments Link Page
		The Corporate Finance division of Putnam Investments functions as a consultant and business partner to our lines of business.
		Payroll is responsible for repairing and distributing W2 forms to Putnam employees, and maintains and manages the firm's time and attendance system.
		Putnam's reengineering experts have led projects such as implementing a new budgeting and forecasting system, payroll conversions, and a new purchasing system.
	company.monster.com /putinv/finance.htm (685 words)

	Putnam Investments - Job Interview Report
		I went knowing specific funds, their managers, information about the specific quotation that Putnam was founded on, etc. I found that it was difficult to remember all of this information and be able to incorporate it into conversation without making it seemed forced.
		This is perhaps the most important piece of this interview process, both being able to show that you have done fairly extensive research on the firm and its ideals as well as being excited about Putnam on the whole.
		When I arrived at Putnam they had me fill out an application and wait for the person I was going to speak with.
	www.puvu.com /Reports/Putnam-Investments-1791110.html (364 words)

	Calpers pulls Putnam investments - Business - MSNBC.com
		He also said the decision was based on fears Putnam would be unable to manage Californians’ money effectively because of distractions from federal and state investigations.
		A message left with Putnam late Monday was not immediately returned, and a message left at its parent company, Marsh and McLennan Cos., earlier in the day also was not returned.
		Putnam has said it is committed to swiftly and thoroughly addressing issues and rebuilding its reputation for integrity and reliability.
	www.msnbc.msn.com /id/3540892 (558 words)

	Dean College - Of Special Interest - Putnam/Dean Pathway
		Through a unique partnership with world-renowned Putnam Investments, Dean College and Putnam have created a Work and Learn Program - an off-campus opportunity to work, earn income, gain valuable work and business experience, and learn about the ever changing mutual fund industry.
		While working at Putnam Investments, students are expected to adhere to Putnam's high quality standards.
		Pathway management staff is dedicated to developing the students on a technical and professional level.
	www.dean.edu /admissions/marketing/putnam.htm (584 words)

	Putnam Investments Jobs - Employment Opportunities at Monster.com (Site not responding. Last check: 2007-11-03)
		With over 65 years of investment experience, Putnam Investments is a leader in global money management.
		Putnam manages mutual funds, 401(k) plans, IRAs and other retirement plans, insurance products, 529 college savings plans, alternative investments, separately managed accounts, and institutional portfolios for nearly 14 million investors.
		Putnam offers a wide variety of opportunities in investment management, finance, technology, sales and marketing, human resources, and operations and administration.
	company.monster.com /putinv (172 words)

	Putnam Master Income Trust News
		Marsh gives trustees big role in decision November 7, 2006 Bidders for Putnam Investments will be judged partly on whether they support the Boston fund company's current managers, the chairman of the board that...
		George Putnam III specializes in distressed securities, bankruptcies and turnarounds, making his latest featured stock -- Microsoft Corp -- somewhat of a departure from the more-troubled firms often under his...
		Putnam Investments suffered $2.3 billion of mutual fund withdrawals in May, capping five years of investor outflows, according to Financial Research Corp.
	www.topix.net /com/pmt (277 words)

	MMC News : MMC COMMENTS ON PUTNAM INVESTMENTS
		Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms.
		As of June 30, 2006, Putnam managed $180 billion in assets, of which $119 billion is for mutual fund investors and $61 billion is for institutional accounts.
		Putnam posts mutual fund and performance data to its website regularly.
	www.mmc.com /news/pressReleases_271.php (891 words)

	County Pulls Out of Putnam
		County employees will have their money transferred to comparable investments in a new family of funds or can reallocate funds when a new investment group is chosen, McDonnell said by telephone.
		Investment managers at Putnam, Janus Capital Group, FleetBoston Financial Corp. and Pilgrim Baxter & Associates have been named in an investment trading scandal that has sent the county searching for a new investment group.
		The county took action because members of the county's committee that oversees investments have a legal and fiduciary responsibility to its employees.
	www.yourlawyer.com /articles/read/7118 (625 words)

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